Daily Market Reports | Sep 03 2025
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
By Rudi Filapek-Vandyck
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.
COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
29M A1N ACE ACF (2) ACL AHX AMI AUB BGL CVV CWP EMR EVT FMG GNE HGO HLO IDX (2) IGO INA JIN (2) LOV MAD MVF NAN NEU NUZ OBM PDN PFP PRU RMD SCG SDV SFR SHL SKS SLX SOM TLX TYR WEB WGX
29M 29METALS LIMITED
Copper - Overnight Price: $0.34
Jarden rates ((29M)) as Underweight (4) -
29Metals achieved an interim earnings beat through what Jarden describes as a "surprise" inclusion of $54m in insurance proceeds, which accounted for the difference.
Ex-insurance proceeds, cash flow was negative at -$52m over the first half for an overall cash outflow of -$65m, with repayment of debt and leases of -$66m. Liquidity stood at around $202m at the end of June.
The miner retained 2025 guidance, and the analyst remains comfortable with production forecasts below management's guidance.
No change to Underweight rating and 30c target price.
This report was published on August 26, 2025.
Target price is $0.30 Current Price is $0.34 Difference: minus $0.04 (current price is over target).
If 29M meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.25, suggesting downside of -27.2%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 42.5.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -0.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
A1N ARN MEDIA LIMITED
Print, Radio & TV - Overnight Price: $0.51
Canaccord Genuity rates ((A1N)) as Downgrade to Hold from Buy (3) -
Canaccord Genuity describes ARN Media's 1H25 result as complicated, with the Hong Kong OOH (Cody Outdoor) business reclassified as discontinued (pending disposal) and the agency business Emotiv sold in May 2025.
The continuing Audio business materially underperformed peers, particularly in Metro and Regional Radio, despite digital growth. Revenue of $142.3m was down -7% y/y and missed the broker's forecast by -7%.
Gross margins improved and cost savings were substantial, but the broker trimmed FY25 EBITDA forecast by -14%. Revenue forecast was lowered by -7%.
Rating downgraded to Hold from Buy. Target cut to 50c from 95c.
This report was published on August 28, 2025.
Target price is $0.50 Current Price is $0.51 Difference: minus $0.005 (current price is over target).
If A1N meets the Canaccord Genuity target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.49, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 3.00 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.9, implying annual growth of 288.9%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 10.3.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 8.50 cents.
At the last closing share price the estimated dividend yield is 9.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.5, implying annual growth of 12.2%.
Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 9.2.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ACE ACUSENSUS LIMITED
Transportation & Logistics - Overnight Price: $1.00
Wilsons rates ((ACE)) as Overweight (1) -
Wilsons highlights FY25 was a strong year for Acusensus, marked by contract wins across every tender for new enforcement services in Australia and New Zealand. The company also invested in growth by spending -$13m on PP&E.
Revenue rose 20% y/y to $59.4m, meeting the broker's forecast. Gross margins fell -119bps to 44.9% and the company expects it to decline further as speed enforcement cameras make up a larger proportion of revenue.
EBITDA missed the broker's estimate due to higher-than-expected headcount and spending to support growth in the UK and the US.
FY26 revenue guidance midpoint was 5% above consensus, leading to a 5-7% lift in the broker's revenue forecasts for FY26-27. EBITDA forecasts, however, declined due to growth-supporting expenses.
Overweight. Target trimmed to $1.21 from $1.23.
This report was published on August 27, 2025.
Target price is $1.21 Current Price is $1.00 Difference: $0.21
If ACE meets the Wilsons target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 62.50.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.45.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ACF ACROW LIMITED
Building Products & Services - Overnight Price: $1.03
Moelis rates ((ACF)) as Buy (1) -
Acrow's FY25 revenue rose by 23% and earnings (EBITDA) lifted by 8% year-on-year, broadly in line with guidance and consensus, highlights Moelis.
Industrial Access Services expanded rapidly, observes the broker, and now accounts for 50% of group revenue, with hire contracts up 27% to $98.2m. FY25 revenue grew 83% to $132m, driven by organic growth and the Brand and Above acquisition, explains the analyst.
Net debt rose to $123m, equal to 1.8 times earnings, with management targeting reduction in FY26 as capex falls to -$27m.
The broker lowers its FY26, FY27, and FY28 EPS forecasts by -14%, -10%, and -4%, respectively, reflecting weaker expectations for Formwork. Moelis reduces its target price to $1.32 from $1.44 and retains a Buy rating.
This report was published on August 26, 2025.
Target price is $1.32 Current Price is $1.03 Difference: $0.285
If ACF meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $1.31, suggesting upside of 26.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 5.70 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 5.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.16.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.6, implying annual growth of 53.2%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 8.9.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 6.30 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.4, implying annual growth of 15.5%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 7.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Petra Capital rates ((ACF)) as Buy (1) -
Acrow's FY25 earnings (EBITDA) of $80.2m came in at the low end of guidance, notes Petra Capital, with formwork revenue weaker due to project delays and softer gross margins in the second half.
Debt levels rose and cash flow declined, while Industrial Access revenue doubled and continued to consolidate acquisitions, highlights the analyst.
Petra Capital expects FY26 will remain challenging, with formwork demand subdued in the first half. Industrial Access revenue is forecast to reach around $200m, driving 23.7% revenue growth and 5.8% earnings growth.
The broker's forecasts now include the Brisbane Olympics, with activity expected from 2H27 through 1H31. The project could deliver $76-152m of sector revenue, providing meaningful upside for formwork.
The analyst highlights a pipeline of $217.5m and sees earnings stabilising as projects are delivered. Moelis cuts its target price to $1.68 from $1.80 and retains a Buy rating.
This report was published on August 27, 2025.
Target price is $1.68 Current Price is $1.03 Difference: $0.645
If ACF meets the Petra Capital target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $1.31, suggesting upside of 26.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 5.60 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.6, implying annual growth of 53.2%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 8.9.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 7.80 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 7.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.4, implying annual growth of 15.5%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 7.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ACL AUSTRALIAN CLINICAL LABS LIMITED
Healthcare services - Overnight Price: $2.67
Wilsons rates ((ACL)) as Overweight (1) -
Wilsons has an Overweight rating and $3.85 target price on Australian Clinical Labs.
The company recorded a 6% y/y lift in group revenue in FY25, with underlying net profit of $34m beating the broker's forecast by 3%.
The broker noted prudent cost management, particularly in labour, alongside targeted, profitable revenue growth resulted in margins outperforming its FY25 expectations.
FY26 revenue guidance of $760-780m implies a 4% increase at the midpoint but missed the broker's and consensus forecast by -3%. The broker sees this as a near-term headwind but expects company-wide initiatives to drive meaningful margin lift in FY27, and double-digit margins by FY28.
This report was published on August 27, 2025.
Target price is $3.85 Current Price is $2.67 Difference: $1.18
If ACL meets the Wilsons target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 11.40 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.05.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 13.20 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.14.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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